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AudioCodes Ltd.

AUDC Technology Communication Equipment

AudioCodes Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $245.6 million, up 1.42% from fiscal 2024.

Revenue
+3.08%
EPS
+100.0%
Free cash flow
−15.1%

Quarter to June 2026, against a year earlier

7.77 0.12 +1.57%
Market cap
$186.7M
P/E
29.2×
Fwd P/E
39.8×
Dividend yield
5.26%
F-score
7/9
Altman Z
2.36
Beneish M
−2.64
Dividend safety
57/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.63
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 2 4 — — 5 — — —
Insider Ownership 46.28%

Capital & Financial Ratios $m

Size
Market Cap 186.66
Revenue ttm 249.25
Net income ttm 7.06
Free cash flow ttm 21.59
Net debt Q (61.67)
Valuation
P/E 29.23
Forward P/E 39.80 (above 35: high)
Price / sales 0.77
Forward P/S Powerpack
Price / FCF 8.87
Price / book 1.12
Financial health
Current ratio Q 1.90 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (0.89)
Growth
Revenue growth Q +3.08% (above 0%: growing)
Operating income growth Q +23.00% (above 0%: growing)
EPS, this year −1.64% (below 0%: weak)
EPS, next year A +8.33%
Revenue, next year A +3.05%
EPS, past 5 yrs −17.88% (below 0%: weak)
EPS, next 5 yrs A −7.72% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 1.3×; over the ten years it ranged from 0.5× in 2026 to 4.9× in 2020.
P/E against its own 10 years 46.46%
10-year low 10-year high
P/S against its own 10 years 0.04%
10-year low 10-year high
P/B against its own 10 years 0.04%
10-year low 10-year high
EV/Sales against its own 10 years 0.07%
10-year low 10-year high
EV/FCF against its own 10 years 2.82%
10-year low 10-year high

Dividends raised 2 years running

Yield
5.26%
Annual rate
0.40
Payout ratio
153.9%
Growth, 2018–26
+9.05%/yr
  1. 0.20 ’18
  2. 0.34 ’19 +70
  3. 0.27 ’20 −21
  4. 0.66 ’21 +144
  5. 0.72 ’22 +9
  6. 0.54 ’23 −25
  7. 0.36 ’24 −33
  8. 0.38 ’25 +6
  9. 0.40 ’26 +5
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 38 62 73 62
Receivables 61 69 86 81
Inventory 44 31 22 24
Other — — — —
143 163 181 167
2023 2024 2025 Q'26
Payables 8 8 6 9
ST’ Debt — — — —
Other — — — —
84 78 82 88

Compound Annual Growth %

10y 5y 3y
Sales 5.80% 2.15% (3.71%)
Cash Flow 5.27% (5.26%) 52.49%
Earnings 37.68% (19.95%) (31.99%)
Book Value 3.85% (3.98%) (3.35%)

Earnings Trends EPS, adjusted, against the consensus

Jun 2025 Estimate 0.17 Actual 0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2024 0.25 0.16 Miss by 0.09
Dec 2024 0.24 0.37 Beat by 0.13
Mar 2025 0.18 0.15 Miss by 0.03
Jun 2025 0.17 0.14 Miss by 0.03

EPS $

Mar Jun Sep Dec Year
’26 0.07 0.02 — — —
’25 0.13 0.01 0.10 0.07 0.31
’24 0.07 0.12 0.09 0.22 0.50
’23 (0.01) 0.03 0.14 0.12 0.28
’22 0.26 0.21 0.17 0.23 0.88
’21 0.29 0.24 0.24 0.22 1.00
’20 0.17 0.21 0.20 0.24 0.83
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 62 63 — — —
’25 60 61 62 63 246
’24 60 60 60 62 242
’23 59 60 62 64 244
’22 66 68 70 71 275
’21 59 61 63 66 249
’20 52 54 57 59 221
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 13 6 — — —
’25 13 8 4 4 29
’24 15 (3) 8 15 35
’23 3 2 0 9 15
’22 1 5 2 0 8
’21 13 17 13 4 47
’20 7 11 11 10 38
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 12 5 — — —
’25 12 6 2 2 23
’24 8 (11) 2 12 11
’23 2 0 (2) 9 9
’22 1 5 2 0 7
’21 13 17 12 4 46
’20 6 10 10 10 37
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 146 157 176 200 221 249 275 244 242 246 249 +6.0% 253 263 — +3.5%
Gross margin, % 60.69 62.43 62.76 47.41 67.86 68.65 64.99 64.80 65.31 65.00 65.74 +4.3 pt
EBT 8 10 17 (11) 37 40 34 14 15 14 11 +6.7%
EBT margin, % 5.22 6.15 9.41 (5.65) 16.60 15.93 12.43 5.88 6.23 5.53 4.51 +0.3 pt
Net income 16 4 13 4 27 34 28 9 15 9 7 (6.4%)
Per share, $
Per share, $ Revenue 4.14 5.04 6.09 6.85 7.02 7.61 8.64 7.78 8.02 8.62 9.90 +8.5%
Earnings 0.46 0.13 0.47 0.14 0.87 1.03 0.89 0.28 0.51 0.31 0.26 (4.3%)
Cash flow 0.52 0.57 0.88 0.79 1.22 1.45 0.26 0.47 1.17 1.03 1.08 +7.9%
Capex (0.04) (0.05) (0.05) (0.07) (0.05) (0.04) (0.05) (0.19) (0.80) (0.23) (0.22) +20.6%
Free cash flow 0.48 0.52 0.84 0.73 1.18 1.41 0.21 0.28 0.36 0.80 0.86 +5.9%
Book value 3.09 2.97 3.27 3.16 6.67 6.28 5.96 5.99 6.35 6.01 5.79 +7.7%
Shares, m 35 31 29 29 31 33 32 31 30 28 27 (2.3%)
Valuation, ×
Valuation, × P/E 13.34 62.50 21.48 214.08 32.03 34.06 19.46 41.58 19.10 27.28 29.23 48.5
P/S 1.59 1.49 1.62 3.75 3.92 4.56 2.03 1.52 1.21 1.01 0.77 2.3
P/B 2.13 2.53 3.02 8.13 4.13 5.53 2.94 1.97 1.53 1.45 1.12 3.3
EV/Sales 1.44 1.33 1.30 3.41 3.34 4.22 1.86 1.36 0.96 0.72 0.52 2.0
EV/FCF 12.41 12.85 9.43 32.23 19.93 22.77 75.24 37.37 21.18 7.71 6.04 25.1
Cash, $m
Cash, $m Operating cash flow 18 18 26 23 38 47 8 15 35 29 27 +5.4%
Capex (1) (2) (1) (2) (2) (1) (1) (6) (24) (6) (6) +17.8%
Free cash flow 17 16 24 21 37 46 7 9 11 23 22 +3.5%
Balance, $m
Balance, $m Working capital 35 32 59 46 109 72 55 58 85 100 79 +12.4%
Net debt (23) (25) (57) (68) (130) (85) (47) (38) (62) (73) (62) +13.9%
Shareholders’ equity 109 92 95 92 210 205 190 188 192 171 146 +5.2%
Returns, %
Returns, % ROA 8.62 2.25 7.70 1.88 9.05 9.54 8.46 2.66 4.55 2.72 2.18 (5.9) pt
ROIC 5.63 8.99 27.46 (23.93) 30.05 20.57 13.72 6.01 8.30 8.91 10.67 +3.3 pt
ROE 14.36 4.01 14.44 4.25 18.03 16.25 14.40 4.65 8.06 4.93 0.00 (9.4) pt
People
People Employees 700 698 706 728 773 885 966 950 946 981 — +3.8%
Revenue/emp, $m 0.21 0.22 0.25 0.28 0.29 0.28 0.28 0.26 0.26 0.25 — +2.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

AudioCodes Ltd. vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CLFD Clearfield, Inc. $390.1M — (loss-making) 153× +13.18% (above 0%: growing) +100.00% (above 0%: growing) −6.00% (below 0%: shrinking) 31.79% 5.86% Compare
ADTN ADTRAN Holdings, Inc. $336.5M — (loss-making) — (loss-making) +0.62% (above 0%: growing) n/m −713.59% (below 0%: shrinking) 38.49% (0.27%) Compare
BKTI BK TECHNOLOGIES, INC. $242.5M 17.7× 22.7× +10.63% (above 0%: growing) −18.45% (below 0%: shrinking) −85.95% (below 0%: shrinking) 51.86% 16.35% Compare
LTRX Lantronix, Inc. $234.4M — (loss-making) 68.7× +8.03% (above 0%: growing) n/m +89.00% (above 0%: growing) 43.67% (1.26%) Compare
AVNW Aviat Networks, Inc. $218.2M 89.4× 12.8× +4.81% (above 0%: growing) n/m −56.30% (below 0%: shrinking) 30.81% 4.82% Compare
CRNT Ceragon Networks Ltd. $191.8M — (loss-making) 68.7× +14.16% (above 0%: growing) n/m −65.76% (below 0%: shrinking) 31.65% 0.25% Compare
AUDC AudioCodes Ltd. $186.7M 29.2× 39.8× +3.08% (above 0%: growing) +100.00% (above 0%: growing) −15.07% (below 0%: shrinking) 65.70% 5.08%
SILC Silicom Ltd $151.7M — (loss-making) — (loss-making) +71.13% (above 0%: growing) n/m −29.51% (below 0%: shrinking) 30.02% (3.17%) Compare
OCC Optical Cable Corporation $79.2M 30.5× — (loss-making) +21.99% (above 0%: growing) +425.00% (above 0%: growing) +156.41% (above 0%: growing) 37.43% 8.69% Compare
Median of peers $226.3M 30.5× 68.7× +11.91% +100.00% −42.90% 34.61% 2.54%

All 46 Communication Equipment stocks →

AudioCodes Ltd. (AUDC) Latest News

4 Nov

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19 Oct

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6 Sep

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4 Aug

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5 May

Impact 4 · · Moby
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6 Apr

Impact 3 · · Simply Wall St.

4 Feb

Impact 4 · · Moby

3 Feb

Impact 4 · · GuruFocus.com transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · Associated Press Finance earnings
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2 Feb

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27 Dec

Impact 3 · · Simply Wall St.

15 Dec

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8 Dec

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stockrow.com/AUDC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com